Taiwan, FTX cryptocurrency It is poised to empower its top financial regulator as the main authority overseeing crypto as it increases its control over the industry in the wake of the market turmoil triggered by the collapse of its empire.
Taiwan to Name Financial Observer as Main Cryptocurrency Regulatory Authority
The announcement of the Financial Supervisory Commission as the chief regulator of crypto exchanges and virtual assets could come by the end of this month, according to a person familiar with the matter and who would not want to be identified due to the private nature of the information.
People familiar with the talks said the Taiwan cabinet and the FSC are working with other government departments and meeting with industry representatives to come up with a concrete plan.
If approved, the move would be a shift from Taiwan’s relatively non-executive approach as it is the first time Taiwan has officially appointed a regulator for the crypto industry and authorities have stepped up oversight in the middle of a turbulent year.
In contrast, its counterparts in the region took a more active stance. While Singapore proposes stricter rules on individual crypto trading, Hong Kong continues to enact more industry-friendly rules to transform the city into a crypto hub.
Taiwan Central News Agency reported on Sunday that the FSC could be declared as the crypto regulator by the end of March.
FSC Chairman Huang Tien-mu told reporters at the legislature on Monday that the institution will follow cabinet instructions on next steps, including the timing of any announcements.
Huang added that once the main crypto regulator and general guidelines for regulation are announced, the FSC will likely work with industry participants on “self-regulatory measures.”
*Not investment advice.
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